According to the International Publishers Association (IPA), Japan’s publishing market is the fourth-largest in the world, making it a very large domestic business sector, as publishing is a major global business.

The sector, however, is in fact underweight relative to other nations, as Japan’s overall economy is the world’s third-largest.

In comparison, for example, Japan is the second-largest country market for recorded music (Japanese people still buy a lot of CDs). Music, however, is a smaller overall market worldwide.

Not only is the Japanese publishing market underweight, it is shrinking and has been for two decades. In stark contrast to Japan, all the other markets in the global top 5 are either stable or growing.

China, is ranked number 2 in the world in terms of publishing market size, and like its overall economy, is growing the most rapidly at 9 percent. In fact, it is now almost three times the size of the Japanese market for books and publications.

The three other leading markets, however, are all stagnant experiencing zero overall growth; the United States the largest, Germany the third-largest, and France the firth largest, as measured by the IPA in its Global Publishing Monitor 2014 report.

The Japanese market is 76 percent the size of the German market, and 28 percent larger than the French market, while the United States’ market is five times bigger than Japan, according to the IPA.

However, other IPA reports and analysis rank the markets differently including the United Kingdom in the top five and Japan as the firth not the fourth largest domestic market.

Japan’s seven largest publishers, measured by revenue, included in the 2017 Global Ranking of the Publishing Industry, produced by BookMap, are Shueisha, Kodansha, Kadokawa, Shogakukan, Gakken, Bungeishunju, and Shinchosha.

The BookMap analysis lists 50 of the world’s largest publishers by turnover, but excludes publishers from China in its ranking.

In terms of new title publication per capita, the United Kingdom, which is a major international exporter of books and publications, leads the world with the highest ratio of 2,875 new titles published per million inhabitants.

Japan, which has a larger domestic market than the United Kingdom (40 percent larger) and is the world’s fourth largest domestic market for books and publications, is ranked 20th with a ratio of 613 new titles or new editions per million people, according to the International Publishers Association (IPA).

Japan is significantly behind the United States (56 percent), when measured using this IPA international benchmark. The United States, which publishes 959 titles per million people, is ranked 12th -despite being the world’s largest market for books and publications, five times larger than the Japanese market, according to the IPA’s Global Publishing Monitor 2014.

Nevertheless, despite Japan having a much smaller overall market than China, the world’s second largest market, publishes more new books per head than China, which has a ratio of 325 and is ranked 25th in the world on this measure. However, Japan is ranked behind Taiwan 1,831, Korea 795 and Russia 699 when measured using this ratio.

The United Kingdom’s figures are exaggerated by its large number of academic presses that target libraries around the world and educational publishers that often publish language learning series with multiple components each of which are often counted as individual titles despite being associated with a textbook. Its domestic market is 60% the size of Japan’s.

Despite the overall size and hundreds of millions of books being bought every year in print and digital formats, the market like Japan’s population is shrinking at a rate of 2 percent.

Nevertheless, Japan, and Tokyo in particular, still have a very large number of bookstores. More, in fact than the United States, the world’s largest book market, on a per capita basis. However according to the IPA, Japan, despite being one of the world’s largest markets, actually publishes relatively few books per capita (623 per million people) when compared to other countries.

These factors amplify the problems thousands of Japan’s publishers, who have traditionally focused almost exclusively on the domestic market, are facing. Unlike other countries where publishers have faced similar issues, there has been limited industry consolidation in Japan.